reports
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Thibault Leneeuw
Alfen A growth company that doesn't grow
In this note we adjust our estimates as Alfen's 1Q25 results have once again fallen short of expectations. The outlook for the smart grid solutions segment, which was anticipated to be robust, disappointed. Despite investment plans highlighting labour shortages, the impact has been more severe than anticipated. Additionally, gross profit margins dynamics in the smart grid segment are well below our expectations. In the EV charging segment, public demand was low, while increased competition in th...
- Thymen Rundberg
- Tijs Hollestelle
Alfen/Less appealing than we thought/HOLD (previously Buy)
Alfen has lowered both its FY25 revenue and adjusted EBITDA margin guidance. We cut our FY25F EBITDA estimate by 39%. Our old forecasts aimed at the mid-point of the former revenue guidance and we now aim at the low end of the new revenue guidance. With regards to the adjusted EBITDA margin guidance we aim below the low end of the new guidance as the gross margin mix works against Alfen. We change our recommendation from Buy to HOLD. The two ingredients for our prior bullish view were: (1) Posit...
- Christophe-Raphaël Ganet
- Stephane Beyazian
SZG SALZGITTER AG
MRN MERSEN SA
ALCLS CELLECTIS SA
SDF K+S AG
MIL BANK MILLENNIUM SA
SIX2 SIXT SE
COK CANCOM SE
VASTB VASTNED RETAIL BELGIUM NV
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
ALM ALMIRALL SA
DUE DURR AG
BSGR B&S GROUP S.A.
ALFEN ALFEN NV
JEN JENOPTIK AG
HGEA HGEARS AG
IOS IONOS GROUP SE
SPG SPRINGER NATURE AG & CO. KGAA
- Christophe-Raphaël Ganet
- Stephane Beyazian
SZG SALZGITTER AG
MRN MERSEN SA
ALCLS CELLECTIS SA
SDF K+S AG
MIL BANK MILLENNIUM SA
SIX2 SIXT SE
COK CANCOM SE
VASTB VASTNED RETAIL BELGIUM NV
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
ALM ALMIRALL SA
DUE DURR AG
BSGR B&S GROUP S.A.
ALFEN ALFEN NV
JEN JENOPTIK AG
HGEA HGEARS AG
IOS IONOS GROUP SE
SPG SPRINGER NATURE AG & CO. KGAA
- ING Helpdesk
Benelux Morning Notes
Alfen: Dead cat bounce? Ayvens: Overhang cure. Belgian telcos: Hey! discontinues €5 offer, OBEL price increases from June 2025. B&S Group: Pulls FY EBITDA guidance in light of tariffs. D'Ieteren: CMD, 1Q25 Preview. Kendrion: Wrestling through difficult macro conditions. NN Group, ASR: Vote on Dutch pension reforms postponed. TKH Group: Not that bad, good progress at Eemshaven. UCB: US Most Favoured Nation initiative back on the agenda. Vastned: Good results, integration ongoing...
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Alfen: slow Q1 as expected, FY25 guidance cut
Alfen published Q1 2025 figures yesterday. Revenue came in at EUR103.8m (-23% QoQ vs. EUR134.5m in Q4 2024, -11% YoY vs. EUR116.8m in Q1 2024) mainly due to challenging dynamics in EV charging and Energy Storage. This compares with FY25 revenue consensus standing at EUR483m. Q1 numbers were impacte
- Jacob Mekhael
- Kristof Samoy
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
CMB.TECH announces Q1 2025 results on 21/05/25
CMB.TECH announces Q1 2025 results on 21/05/25 Antwerp, May 12, 2025 (GLOBE NEWSWIRE) -- CMB.TECH NV (NYSE: CMBT & Euronext: CMBT) (“CMBT”, “CMB.TECH” or “the Company”) will release its first quarter 2025 earnings prior to market opening on Thursday 21 May 2025 and will host a conference call at 8 a.m. EST / 2 p.m. CET to discuss the results for the quarter. The call will be a webcast with an accompanying slideshow. You can find the details of this conference call below and on the of the website. The presentation, recording & transcript will also be available on this page. Webcast...
- ING Helpdesk
Benelux Morning Notes
AB InBev: Strong brew. Adecco: 1Q25 beats on timing of JV income; 2Q25 outlook momentum positive. Alfen: Preview - 1Q25 should arrive in line. AMG: Strong 1Q25 EBITDA beat, guidance raised. BAM Group: Non-residential backs EBITDA increase. CTP: Strong results combined with strong message on demand dynamics. JDE Peet's: Jumping Beans. Kinepolis: Peer AMC 1Q25 results - revenues per visitor more subdued. Prosus: CEO letter highlights strong profit growth in 2026. Proximus: CpaaS ...
Saipem Spa: 1 director
A director at Saipem Spa sold 70,000 shares at 2.070EUR and the significance rating of the trade was 61/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showi...
CMB.TECH BUSINESS UPDATE
CMB.TECH BUSINESS UPDATE Antwerp, April 30, 2025 (GLOBE NEWSWIRE) -- CMB.TECH NV (“CMBT”, “CMB.TECH” or “the Company”) (NYSE: CMBT & Euronext: CMBT) provides a business update following the recent announcements. The company held two Capital Markets Days together with Golden Ocean, sold three VLCCs as part of its fleet rejuvenation and will align dates for announcing first and second quarter 2025 results due to the consolidation of Golden Ocean's financial results. Capital Markets DaysFollowing the of the signed term sheet for a stock-for-stock merger with Golden Ocean, with CMB.TECH ...
- Sinan Doganli
CLN CLARIANT AG
NK IMERYS SA
SSAB A SSAB AB CLASS A
EXE EXEL INDUSTRIES SA
MERY MERCIALYS SA
LPE LAURENT-PERRIER SA
BAMNB KONINKLIJKE BAM GROEP NV
BIG BIGBEN INTERACTIVE SA
VIS VISCOFAN S.A.
MMT METROPOLE TELEVISION SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
IBG IBERPAPEL GESTION S.A.
COPN COSMO PHARMACEUTICALS NV
FTG111 FLATEXDEGIRO AG
UNI UNICAJA BANCO S.A.
SMCP SMCP SA
HFG HELLOFRESH SE
NACON NACON SASU
ANTIN ANTIN INFRASTRUCTURE PARTNERS
ALLFG ALLFUNDS (UK) LTD
PLNW PLANISWARE
- Sinan Doganli
CLN CLARIANT AG
NK IMERYS SA
SSAB A SSAB AB CLASS A
EXE EXEL INDUSTRIES SA
MERY MERCIALYS SA
LPE LAURENT-PERRIER SA
BAMNB KONINKLIJKE BAM GROEP NV
BIG BIGBEN INTERACTIVE SA
VIS VISCOFAN S.A.
MMT METROPOLE TELEVISION SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
IBG IBERPAPEL GESTION S.A.
COPN COSMO PHARMACEUTICALS NV
FTG111 FLATEXDEGIRO AG
UNI UNICAJA BANCO S.A.
SMCP SMCP SA
MVC METROVACESA SA
HFG HELLOFRESH SE
AEDAS AEDAS HOMES SA
NACON NACON SASU
ANTIN ANTIN INFRASTRUCTURE PARTNERS
ALLFG ALLFUNDS (UK) LTD
PLNW PLANISWARE
- Jean-François Granjon
- Jean-François Granjon
EXEL Industries: Second quarter 2024–2025 sales down 3.8%
EXEL Industries: Second quarter 2024–2025 sales down 3.8% Q2 2024–2025 revenue: -3.8% Businesses proved to be resilient in an uncertain economic context Q2 sales(January 2025–March 2025)) 2023–2024 2024–2025 Change (reported) Change (LFL*) Reported Reported €m % €m % AGRICULTURAL SPRAYING 157.4 132.7 -24.7 -15.7% -25.2 -16.0% SUGAR BEET HARVESTING 17.1 25.3 +8.1 +47.6% +9.4 +54.7% LEISURE 47.4 47.3 -0.0 -0.1% -0.4 -0.8% INDUSTRY 70.7 76.0 +5.3 +7.5% +3.7 +5.2% EXEL Industries Group 292.6 281.4 -11.3 -3.8% -12.6 -4.3% Like-for-like ...
EXEL Industries : Chiffre d’affaires 2e trimestre 2024–2025 -3,8 %
EXEL Industries : Chiffre d’affaires 2e trimestre 2024–2025 -3,8 % Chiffre d’affaires 2e trimestre 2024–2025 : - 3,8 % Bonne résistance des activités dans un contexte économique incertain Chiffre d'affaires T2(janvier 2025–mars 2025)) 2023–2024 2024–2025 Variation à données publiées Variation à tcpc* Publié Publié Millions € % Millions € % PULVÉRISATION AGRICOLE 157,4 132,7 - 24,7 - 15,7 % - 25,2 - 16,0 % ARRACHAGE DE BETTERAVES 17,1 25,3 + 8,1 + 47,6 % + 9,4 + 54,7 % LOISIRS 47,4 47,3 - 0,0 - 0,1 % - 0,4 - 0,8 % INDUSTRIE 70,7 76,0 + 5,3 + 7...
- Jørgen Lian
CMB.TECH (No_rec, TP: USD) - Recommendation and target price withdrawn
CMB.TECH and Golden Ocean have signed a term sheet for a contemplated stock-for-stock merger at an exchange ratio of 0.95 CMB.TECH shares for each outstanding Golden Ocean share. Completion is scheduled for Q3, and the companies are scheduled to host CMDs on 24 and 29 April to provide further information. As DNB Markets is acting as financial advisor to Golden Ocean, we have withdrawn our recommendation and target price.
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